JLL Hotels & Hospitality Group have been exclusively appointed to offer for sale the iconic Iririki Island Resort & Casino, located in the heart of Vanuatu’s capital, Port Vila.

JLL

Iririki Island Resort and Casino

Tom Gibson, Vice President of JLL’s Hotels & Hospitality Group, has stated that the offering of Iririki Island Resort & Casino is an exceptional opportunity to enter one of the regions fastest growing markets with an institutional vacant possession resort, strong in-place cash flow and substantial development upside.

"Located 200 meters from the central business district, this exclusive island resort features 72 spacious waterfront villas (locally known as farés), five food and beverage outlets, a conference centre, day spa, private beach and an extensive range of other leisure facilities."

"The resort also features 68 strata titled units, and presents the ability to expand the operational footprint by building new overwater and beachfront villas. Iririki Island Resort & Casino is Vanuatu’s premier casino facility and there are approvals in place to expand the operation into the region’s largest, further cementing its exceptional reputation."

Currently a highly profitable operation, there is substantial room for growth following a recent renovation of the Resort and facilities at a cost of circa $23 million, and the property is being offered vacant possession of brand and management allowing an incoming purchaser freedom to choose from a wide range of management opportunities.

Vanuatu is one of the world’s most pristine resort destinations and is an archipelago of approximately 83 volcanic and coral-lined islands covering over 12,000 square kilometres of the South Pacific Ocean. The island nation has recently been witnessing a large increase in tourism visitation from Chinese nationals, with tourist arrivals from China increasing by 30% compound annual growth rate from 2013-2018.

“Vanuatu is in the middle of a complete economic transformation with record investment underway, namely the international airport’s runway extension which will bring new direct flights from Melbourne in June this year.” Mr Gibson said.

The completion of the new runway is forecasted to attract more than one million tourists annually by 2020.

JLL refused to comment specifically on pricing, though it is understood to trade for upper $30 million’s.